Question 1

Does changing my insurance company affect my credit score?

Accepted Answer

Changing your insurance company does not impact your credit score unless you are leaving the company in bad standing.  This would include leaving because your policy was cancelled for non-payment or because you have an outstanding debt with the company.  Both situations will have a negative impact on your credit score.  
When it comes to quoting your insurance with a new company you should know that there will be a soft pull on your credit, but this will not have an impact on your credit score.

Question 2

Does my credit score affect my insurance premiums?

Accepted Answer

Most companies use credit scores as one important piece of the rates puzzle.  This allows them to provide you with an individualized rate, but it also protects them because it can predict someone's likelihood for paying premiums on time, making a claim, and several other inputs.  Insurance companies specialize in mitigating risk because they have to make sure they are able to pay out for claims.  If they don't minimize their risks, they won't be able to continue to pay for your losses as they arise.

Question 3

What is an independent insurance agent?

Accepted Answer

An independent agent works for your best interest instead of for the company's best interest.  They work with multiple companies, so you have more options when it comes to the insurer, policy, and pricing.  When you get a quote through an independent agent, they will quote you with multiple providers to get you the best rates along with the best coverage options that fit your needs.
It is also important to understand how independent agents get paid.  You do NOT pay higher rates because of their services because they are paid by the companies directly, not by you.  All carriers either pay agents or support staff to manage your policies so you will NOT pay less by going directly with the carrier because they still have to pay someone to manage your policy.

Question 4

What is an additional insured (AI) and when do they need to be added to my policy?

Accepted Answer

An additional insured is someone or an organization that has an insurable interest in the property that is being insured.  In most situations the additional insured is the bank that holds your loan for either your mortgage or vehicle.  The reason they will want to be added to your policy as an additional insured is two-fold.  First, they will be notified if your coverage changes or is canceled for any reason.  The importance of this is in the instance that there is a loss, they know whether the property will be fixed through insurance.  The second thing to note is that the additional insured will receive the payment from the insurance company, and this allows them to ensure that the property is in fact, fixed and therefore maintains its value which translates to maintaining their insurable value moving forward.  If you then default on your loan, they can still use the property to recoup some of the monetary loss.